‘It Was A Collective Decision, Not Awolowo’s’ — Gowon Explains Post-War £20 Policy
By IFEOMA IZUCHUKWU
Gowon Revisits One of Nigeria’s Most Contested Historical Decisions
MORE than five decades after the Nigerian Civil War ended, former Head of State, General Yakubu Gowon, has reopened one of the country’s most emotionally charged historical debates by defending the Federal Government’s post-war compensation and currency policies.
In his newly released memoir, My Life of Duty and Allegiance, Gowon argues that popular narratives surrounding the controversial post-war “£20 policy” have often overlooked the broader economic realities confronting Nigeria after the conflict. He insists that decisions taken by his administration were collective government actions designed to preserve national economic stability rather than punish any ethnic group.
The former military ruler also rejected longstanding claims that the late Chief Obafemi Awolowo single-handedly designed or imposed the policy that limited many returning Biafrans to £20, despite reports that some had held significantly larger bank balances before the war.
Awolowo Did Not Act Alone, Gowon Says
According to Gowon, the decision on post-war currency management rested with the Federal Executive Council rather than with the Federal Commissioner for Finance alone.
He maintained that Awolowo, although responsible for the finance portfolio, merely implemented a policy approved collectively by the government after extensive consultations with economic experts and the Central Bank of Nigeria.
The clarification seeks to challenge decades of public criticism directed almost exclusively at Awolowo, whose role in the policy has remained one of the most controversial aspects of Nigeria’s post-war history.
Gowon argued that portraying the decision as the action of one individual ignores the realities of military governance at the time and oversimplifies the circumstances surrounding post-war reconstruction.
Why the £20 Policy Emerged
The memoir attributes the policy to extraordinary economic challenges created by the end of the 30-month civil war.
Gowon recalled that widespread looting of Central Bank facilities in Benin and Enugu complicated Nigeria’s monetary situation. At the same time, enormous quantities of Biafran currency remained in circulation even though the notes were not recognised as legal tender within Nigeria’s financial system.
According to him, economic advisers warned that exchanging every Biafran pound at full value could trigger severe inflation and threaten the country’s already fragile economy.
After evaluating various proposals, the Federal Government adopted a policy allowing approximately £20 to each returning Biafran adult while rejecting wholesale conversion of Biafran currency.
Gowon said the decision reflected economic necessity rather than political retaliation.
Depositors With Nigerian Bank Accounts Were Refunded
The former Head of State also distinguished between holders of Biafran currency and Nigerians who maintained legitimate accounts in Nigerian commercial banks before the war.
He stated that individuals who could prove ownership of bank deposits received the full value of their savings together with accumulated interest.
According to him, businessmen and other account holders whose funds remained within Nigeria’s banking system were compensated in accordance with official banking records.
He argued that this aspect of the government’s post-war programme has often received less public attention than the £20 policy itself.
Rehabilitation Extended Beyond Financial Measures
Beyond monetary policy, Gowon said his administration invested heavily in rebuilding war-affected communities under its programme of Reconciliation, Rehabilitation and Reconstruction.
He explained that substantial allocations from the national budget were directed toward rebuilding infrastructure across the former Eastern Region and other areas devastated by the conflict.
He also noted that the Federal Government accelerated implementation of Nigeria’s Second National Development Plan to enable the East Central State to participate earlier in national economic recovery efforts.
According to Gowon, the objective was to restore normalcy and strengthen national unity after one of the country’s most destructive conflicts.
History, Memory & Continuing National Debate
The publication of Gowon’s memoir adds another chapter to Nigeria’s continuing conversation about the civil war and its long-term consequences.
For many Nigerians, particularly those directly affected by the conflict, the £20 policy remains a deeply emotional subject symbolising unresolved grievances over justice, reconciliation and post-war integration.
Gowon’s account presents the policy as a difficult economic compromise adopted under exceptional national circumstances rather than an act of ethnic discrimination.
Whether his explanation reshapes public opinion remains uncertain. However, his intervention contributes fresh documentary evidence to one of Nigeria’s most enduring historical controversies while highlighting the continuing importance of transparent historical reflection in national reconciliation.
